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    Gas and water utilities with gross receipts not exceeding P10 million pay a 3% percentage tax on their business tax liability. Gas and water utilities with gross receipts exceeding P10 million pay a 2% percentage tax on their business tax liability. A radio or television broadcasting company with annual gross receipts of P12 million shall pay a 3% percentage tax. The gross receipt tax on long-term interest income is 5%. Banks, quasi-banks, and pawnshops are subject to the gross receipt tax.

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    Gas and water utilities with gross receipts not exceeding P10 million pay a 3% percentage tax on their business tax liability. Gas and water utilities with gross receipts exceeding P10 million pay a 2% percentage tax on their business tax liability. A radio or television broadcasting company with annual gross receipts of P12 million shall pay a 3% percentage tax. The gross receipt tax on long-term interest income is 5%. Banks, quasi-banks, and pawnshops are subject to the gross receipt tax.

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    B20

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    Gas and water utilities with gross receipts not exceeding P10 million pay a 3% percentage tax on their business tax liability. Gas and water utilities with gross receipts exceeding P10 million pay a 2% percentage tax on their business tax liability. A radio or television broadcasting company with annual gross receipts of P12 million shall pay a 3% percentage tax. The gross receipt tax on long-term interest income is 5%. Banks, quasi-banks, and pawnshops are subject to the gross receipt tax.

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    of 7

    11.

    What is the business tax liability of gas and water utilities with gross receipts not exceeding P10,000,000? a. VAT b. 3% pe

    ANSWER
    C
    C
    A
    D
    D
    ng P10,000,000? a. VAT b. 3% percentage tax c. 2% percentage tax d. Exempt 12. What is the business tax liability of gas and water utilitie
    ax liability of gas and water utilities with gross receipt exceeding P10,000,000? a. VAT b. 3% percentage tax c. 2% percentage tax d. Exemp
    tax c. 2% percentage tax d. Exempt 13. A radio or television broadcasting company with annual gross receipts of P12,000,000 shall pay a.
    ceipts of P12,000,000 shall pay a. VAT b. 3% percentage tax c. 2% percentage tax d. No business tax 14. The gross receipt tax on long-term
    The gross receipt tax on long-term interest income is a. 7% b. 5% c. 3% d. 1% 15. Which is subject to the gross receipt tax? a. Banks b. Qua
    gross receipt tax? a. Banks b. Quasi-banks c. Pawnshops d. All of these

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